The saga continues… So there’s some Shareholders alleging inappropriate behavior. The short of their argument goes something like:

Dec 13, 07: Rigel: R788 is great!

Feb 6, 08: Rigel sells 5,000,000 shares at $27

Oct 27, 08 Rigel presents full study details:

And now there’s a lawsuit presumably claiming that Rigel didn’t share material data during the December 13 releases and 8k filing that when said data did finally come out, it dropped the stock considerably…

R-788 is Rigel’s SYK / Flt3 inhibiting prodrug of R-406, and despite a positive sounding press release on their Ph2 ITP study, the market is reacting negatively so far by knocking 20% off of the stock price.